Chapter 68. To authorize the incorporated town of Petersburg, Alaska, to issue bonds in any sum, not exceeding $75,000, for the purpose of constructing and installing a municipal electric light and power plant, and for the construction of a public-school building
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CHAP. 68.— An Act To authorize the incorporated town of Petersburg, Alaska, to issue bonds in any sum, not exceeding $75,000, for the purpose of constructing and installing a municipal electric light and power plant, and for the construction of a public-school building. September 29, 1919. [[H. R. 7709](/us/bill/66/hr/7709).] [[Public, No. 56](/us/pl/66/56).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the incorporated town Petersburg, Alaska.May issue bonds for public improvements.*Post,* p. 981.of Petersburg, Alaska, is hereby authorized and empowered to issue bonds in any sum, not exceeding $75,000, for the purpose of constructing and installing a municipal electric light and power plant, and for the construction of a public-school building.
Sec. 2. That before said bonds shall be issued a special election Special election to authorize.shall be ordered by the common council of the town of Petersburg, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Petersburg whose names appear on the last assessment roll of said town for municipal taxation. Thirty days’ notice of such election shall be given by publication thereof in a newspaper printed and published and of general circulation in said town before the day fixed for such election.
Sec. 3. That the registration for such election, the manner of Conduct of election.conducting the same, and the canvass of the returns of said election shall be, as near as practicable, in accordance with the requirements of law in general or special elections in said municipality, and said bonds shall be issued only upon condition that a majority of the votes cast at such election in said town shall be in favor of issuing Said bonds. Sec. 4. That the bonds above specified, when authorized to be Interest rate, sale, etc.issued as hereinbefore provided, shall bear interest at a rate to be 290fixed by the common council of Petersburg, not to exceed 7 per centum per annum, payable semiannually, and shall not be sold for less than their par value with accrued interest, and shall be in denominations not exceeding $1,000 each, the principal to be due in *Provisos.*Redemption.twenty years from date thereof: *Provided, however,* That the common council of said town of Petersburg may reserve the right to pay off such bonds in their numerical order at the rate of $5,000 t in thereof per annum from and after the expiration of five years from Payment of principal and interest.their date.
Principal and interest shall be payable in lawful money of the United States of America at the office of the town treasurer, or at such bank in the city of New York, in the State of New York, or such place as may be designated by the common council of the town of Petersburg, the place of payment to be mentioned in the Signatures and seal required.bonds: *And provided further,* That each and every such bond shall have the written signature of the mayor and clerk of said town of Petersburg, and also bear the seal of said town.
Use of funds restricted.Sale of bonds. Sec. 5. That no part of the funds arising from the sale of said bonds shall be used for any purpose other than specified in this Act. Said bonds shall be sold only in such amounts as the common council shall direct, and the proceeds thereof shall be disbursed for the purposes hereinbefore mentioned and under the order and direction of said common council from time to time as the same may be required *Proviso.*Division of proceeds.for said purposes: *Provided,* That not to excede $50,000 of the proceeds of the sale of said bonds shall be expended for the construction and installation of the electric fight and power plant and not to exceed $25,000 thereof shall be expended for the construction of the public-school building.
Approved, September 29, 1919.